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Cutberto Salas' Blog

By Salas Home Team | Agent in Plano, TX
  • Plano TX-Down Payment Assistance Program for First Time Homebuyers

    Posted Under: Home Buying in Plano, Financing in Plano, Credit Score in Plano  |  November 9, 2011 5:32 AM  |  641 views  |  No comments
    Who is a First Time Homebuyer?
    • An individual not having owned a home in the last three years; or
    • A displaced homemaker who previously owned a home with a spouse or lived in a home owned by the spouse.

    Individuals making at or below 80% of the median Income. Income eligibility guidelines.

    All applicants receiving financial benefits must be a US citizen or a Temporary/Permanent Resident Alien as defined by Federal regulations. 


    What properties are eligible?

    • ONLY properties located within the city of Plano limits.
    • Single-family residences that are new or pre-owned, attached or detached dwellings.
    • Lender-approved insurable properties, including condos and town homes, are eligible.  HUD foreclosures are eligible.

    In addition, if the purchaser buys a home needing repairs, the City may make available funds for a low-interest rehabilitation loan. 


    Are there property requirements?

    Yes. All homes to be purchased:

         1. Must have a working smoke alarm;
         2. May not be located in a flood-prone area; and
         3. If built before 1978, pass a City lead-based paint test.


    Are there additional Program requirements? 

    Yes. Program participants must:

    Required Homebuyer Class:

    All applicants, spouses and any other person whose income is used to qualify for the mortgage must attend the City of Plano Homebuyer Education class. Instructors are certified by the Texas Department of Housing and Community Affairs as Homebuyer Education Providers.
     
    This class is usually held on the third Saturday of each month at the Plano Municipal Center, 1520 K Avenue. The class hours are 8 a.m. to 3:30 p.m.  

  • The City of McKinney Homebuyer Assistance Program

    Posted Under: Home Buying in McKinney, Financing in McKinney, Credit Score in McKinney  |  November 9, 2011 5:09 AM  |  452 views  |  No comments

    The City of McKinney HOMEBUYER Assistance Program

    HOME Investment Partnerships Program Grant Funds City of McKinney HOMEBUYER Assistance Program

    The City of McKinney Homebuyer Assistance Program provides down payment and closing cost assistance to low-to-moderate-income first-time homebuyers within the City of McKinney. Assistance is provided up to $10,000 as a 0% interest 5-year forgivable loan for down payment and non-recurring closing costs associated with the purchase of the new home. The loan is repayable only if you refinance, pay off the first mortgage, sell or otherwise convey title to the property within the 5-year period.

    These funds are made available through a grant from the Texas Department of Housing & Community Affairs' HOME Investment Partnership Program.

    You are Eligible if:

    • You are a first-time homebuyer. A first-time homebuyer is an individual or household who has not owned a home in the last three years or is a displaced homemaker.
    • You are able to provide proof of U.S. citizenship or permanent legal resident alien status.
    • You are able to qualify for a mortgage loan with a private lender.
    • The debt-to-income ratio (“back-end ratio”) may not exceed 45%.
    • The housing ratio ("front-end ratio") must be at least 25%.
    • You will reside in the home as your principal residence.
    • The home is located within the city limits of McKinney, Texas.
    • Your income does not exceed 80% of the Area Median Income.
    • You complete a HUD and City of McKinney approved homebuyer counseling workshop.

    Application Process:

    • The buyer contacts a private lender of their choice.
    • The buyer signs an accepted real estate purchase contract with the Seller. Proof of Earnest Money paid must be included.
    • The buyer completes and delivers a Homebuyer Assistance Program Application together with all required documentation to the McKinney Housing Services Office. Completed applications must be received by the Housing Services Office no later than 45 days prior to expected closing on the property.
    • Only completed applications will be considered. Within 5 business days of receipt of an incomplete application, notice will be sent to the homebuyer detailing items still outstanding. Applications that are still incomplete 30 days after initial submission will be denied.

    If you would like to find out if you qualify, click the link to print an Application.

    Please note:

    Submission of the Application does not automatically qualify you for assistance under the program. It is the applicant's responsibility to make arrangements for the home purchase should it be determined by the McKinney Housing Services Office that the applicant does not meet program guidelines.

 
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